Fort Worth, Texas, Aug. 17, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millicha
p, announced today the sale of 4000 Hulen, a high-profile 240-unit multifamily community in Fort Worth, Texas. The terms of the sale were not released.
IPA executive director Will Balthrope, IPA senior director Drew Kile and associate Joey Tumminello represented the seller, Hulen Place Multifamily, L.P. The team also procured the buyer, San Francisco-based Hamilton Zanze, which acquires, repositions, and operates apartments primarily in the Western and Southwestern U.S. on behalf of private investors and institutional partners. Hamilton Zanze owns and operates 85 apartment communities totaling 18,065 units and has purchased over $2.8 billion in multifamily assets since inception.
“The asset is located at 4000 Hulen, the epicenter of Fort Worth’s booming urban core. The property’s high-visibility location on Hulen Street and proximity to major retail including the new Shops at Clearfork generated strong buyer demand for this asset,” says Balthrope.
The asset’s high barrier-to-entry location is central to many of the new retail and entertainment destinations in Fort Worth, and offers quick access to the Chisholm Trail Parkway.
“As the core of Fort Worth expands west, driven by major retail and entertainment destinations including Clearfork, Waterside, and West Bend, this location has become the ‘bullseye’ for where renters want to be. Residents can get to almost anywhere they could want within eight minutes including Downtown, West 7th, the Near Southside, Waterside and Whole Foods,” adds Kile. “As we educated investors on the growth trends in Fort Worth, they latched-on to this location and understood the long-term upside. As a resident of Fort Worth, it is exciting to see the national market recognize the tremendous growth and exciting things occurring in the area.”
The 4000 Hulen apartments feature granite countertops, designer hardwood cabinetry, and large covered balconies. Select units have full size washer and dryer connections and large kitchen islands. The community includes a half-acre dog park.
“There are no other communities that have the views this elevated location offers, and with unique amenities the property is well positioned for long-term rent growth, even as the multifamily market continues to grow,” says Tumminello.